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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #27,261
  • Oct 29, 2013 12:47am Oct 29, 2013 12:47am
What just happened? The gold went down straight all the way. I lost wquite alot .. sighss
  • #27,262
  • Oct 29, 2013 1:03am Oct 29, 2013 1:03am
any actual news, or just the magic of gold?
  • #27,263
  • Oct 29, 2013 1:10am Oct 29, 2013 1:10am
maybe china on wires
  • #27,264
  • Oct 29, 2013 1:10am Oct 29, 2013 1:10am
its a pity when we predict the price and its goes on opposite direction and our thread is still here.
  • #27,265
  • Edited 2:13am Oct 29, 2013 1:17am | Edited 2:13am
Quoting SlideLow
any actual news, or just the magic of gold?

I reckon it was just time - no news - no specific reason... I guess most of the drop till now is profit taking with the bears joining in. Once near 1330 PA should bounce and retrace - only then will the bears will capitulate - just my thoughts on the "logic" of wave 2 down.

All in all we've made great progress and have multiple confirmations with wave 1 up to 1361. No doubt 1375 is the next major obstacle and then 1433 (top of the August advance), but by the time these levels are in PA's sights we will be in wave 3 up and the resistance should snap like twigs before an advancing elephant. Right now, a healthy correction down to 62% retrace of this advance will setup the fireworks for wave 3 - if my EW count is correct.

Finally I can close my laptop and go join my friends for a swim - all work and no play for weeks on end...

edit: having thought about the reason for the reversal a bit, I have to revise my non-sensical statement "it was just time" to an objective reason: technical selling. Hitting the DTL connecting the March and August tops at the conclusion of an ending diagonal is a good reason to close longs and sell short. This seems a logical explanation for the reversal.

http://images.wikia.com/looneytuness...0708012457.png
cryptocurrency everytime
  • #27,266
  • Oct 29, 2013 1:20am Oct 29, 2013 1:20am
I think the drop was due to India raising the interest rate now. More news here:
http://www.marketwatch.com/story/ind...me_latest_news
  • #27,267
  • Oct 29, 2013 1:32am Oct 29, 2013 1:32am
Hi All, my indicator show that Gold will keep dropping, after retrace
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People are not good at acting, but very good at judgment.
  • #27,268
  • Oct 29, 2013 2:02am Oct 29, 2013 2:02am
Some more scalping/buying opportunities setting up

To Xtrade, from my last post you gave some solid advice, thanx

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  • #27,269
  • Oct 29, 2013 2:08am Oct 29, 2013 2:08am
Quoting Rf7
{quote} Hi XTrade, Thanks for taking the time commenting on my chart. It helps a lot.. Btw, I have updated my chart and my short term bias is down. Targeting at 1315.00. Wish me luck {image}
Hi guys,

Please find below my chart update.. 1351.96 will turn to resistance now and therefore I have put my pending order there. Target is 1315.80, which is also my buy limit order.. Wish me luck..
Attached Image (click to enlarge)
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  • #27,270
  • Oct 29, 2013 2:16am Oct 29, 2013 2:16am
Quoting Rf7
{quote} Hi guys, Please find below my chart update.. 1351.96 will turn to resistance now and therefore I have put my pending order there. Target is 1315.80, which is also my buy limit order.. Wish me luck.. {image}

Sounds good. Good Luck
.
Looking at your chart, that is a beautiful wave going up - a bit raggedy with uncertainty but, still, it heralds great things to come..
cryptocurrency everytime
  • #27,271
  • Oct 29, 2013 2:16am Oct 29, 2013 2:16am
Quoting Rf7
{quote} Hi guys, Please find below my chart update.. 1351.96 will turn to resistance now and therefore I have put my pending order there. Target is 1315.80, which is also my buy limit order.. Wish me luck.. {image}
You should TP around 1330 as first TP, then re-entry new order after retrace
People are not good at acting, but very good at judgment.
  • #27,272
  • Oct 29, 2013 2:34am Oct 29, 2013 2:34am
gold is going up at last times, tapering news bad us data support this trend up, in my opinion without some news a huge trend turn wont happen at some technical levels like 1360 there can be selling pressure for about 20-30$ but for a godd trend turn we need supporting news i say.
  • #27,273
  • Oct 29, 2013 2:57am Oct 29, 2013 2:57am
Quoting venzen
{quote} Sounds good. Good Luck . Looking at your chart, that is a beautiful wave going up - a bit raggedy with uncertainty but, still, it heralds great things to come..
Thanks a lot Venzen for your encouragement..


Quoting halogen
{quote} You should TP around 1330 as first TP, then re-entry new order after retrace
Good advice Halogen.. I will study it.. Thank you..

Regards,

RF7
  • #27,274
  • Oct 29, 2013 3:24am Oct 29, 2013 3:24am
Quoting halogen
{quote} You should TP around 1330 as first TP, then re-entry new order after retrace
This is good advice since a correction usually happens in 3 waves - looking at the technical chart it seems 1330 is a good level for wave (a) to end, wave (b) to move upward and then finally wave (c) should breach 1330 to the downside and finish the correction. That's the EW textbook theory, so expect some variation on that.
cryptocurrency everytime
  • #27,275
  • Oct 29, 2013 3:24am Oct 29, 2013 3:24am
I think 1340 is the retracement of the start wave 3 from 1336 to 1362,now will head north to 1420 area.
  • #27,276
  • Oct 29, 2013 3:26am Oct 29, 2013 3:26am
Anyone can give me a good advise?
Because of the suddenly drop lost about 2200usd. Haha left about 220 balance to play.
Cheers hoping to get it up again. >.<
  • #27,277
  • Oct 29, 2013 3:38am Oct 29, 2013 3:38am
Will gold price going to go up when NY market open ? I noticed that MACD in 1 hour TF is down to zero line will it go down to 1330 ? any suggestion? guys .
  • #27,278
  • Oct 29, 2013 3:44am Oct 29, 2013 3:44am
Quoting fxjay
I think 1340 is the retracement of the start wave 3 from 1336 to 1362,now will head north to 1420 area.

oh my buddha! that's some powerful move... don't forget that it's 2 steps forward 1 step backward - there are willing sellers who will cash out as soon as price seems relatively overbought. Technically, i don't see 1420 as possible now because we have just completed an ending diagonal - which means "the end" of the advance. correction must occur - and according to this wave (up to 1362) context starting from a major swing low (making it a wave 1) we will see at least a 50% retracement and 3 clear waves zigzagging down.

Perhaps, have a look at historic PA, this has been the case since charts began...

edit: your case for this being a retracement of a subwave of the advance is plausible - were it not for the ending diagonal. I count 5 waves complete to 1361 but even without counting - look at the state of the wave: it is drooping forward more and more with exhaustion and dehydration. It lacks momentum and even that last thrust in the diagonal (which is normally an energetic structure) was quite feeble compared to the downside we're witnessing now. sorry for talking a lot - sometimes one just has to be objective and see what the pure PA says...
cryptocurrency everytime
  • #27,279
  • Oct 29, 2013 3:46am Oct 29, 2013 3:46am
The scenario for today is:

During the US session the news for the US economy will not be good---> XAUUSD will go up to 1370 and everyone will be happy...

Please, click the Like button...
The good thing with the future is that it is progressively approaching...
  • #27,280
  • Oct 29, 2013 3:48am Oct 29, 2013 3:48am
Quoting VinnyIsFree
It seems like most traders are looking towards 1370 with a high degree of confidence. That is probably due to the next Fomc meeting but these news should have already been included in the current price level. So, isn't this an opportunity to go short at every point considered too enthusiastic ? I really appreciate the thread and the members.
I steel beleve in another corection before the upwards trend continue.
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